What are some common real estate terms I should know?
An example of an AI chatbot conversation about real estate terminology and definitions.
What are some common real estate terms I should know?
Here are a few key terms: 'Appraisal', 'Closing Costs', 'Equity', and 'Escrow'. Would you like definitions for any of these?
Yes, can you explain what 'Equity' means?
Equity is the difference between the market value of your property and the amount you owe on your mortgage. It represents your ownership stake.
What about 'Closing Costs'?
Closing costs are fees associated with finalizing a real estate transaction, including loan origination fees, title insurance, and appraisal fees.
Thanks! Can you tell me more about 'Escrow'?
Escrow is a financial arrangement where a third party holds funds or documents until certain conditions are met in a transaction.
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